Housing considerations for retirees
"I have a client who wants to understand his/her housing options for retirement"...What a planner needs to know to help guide a client about housing choices in retirement.
What are the options available for retirement housing?
(Kenn Beam Tacchino, JD, LLM and David A. Littell, JD, ChFC®, CFP® and Sandra Timmermann, Ed.D.)
An examination of a variety of options available for living in retirement. We learn that whether a client decides to age in place, downsize, or relocate there are a variety of choices that require careful consideration.
Is a continuing care retirement community (CCRC) a viable option for my client?
(Kenn Beam Tacchino, JD, LLM and David A. Littell, JD, ChFC®, CFP® and Harry R. Moody, Ph.D.)
A discussion of the CCRC option and the financial planning considerations when considering a continuing care retirement community. We learn why clients choose CCRCs the various CCRC models available, and some financial planning strategies involved with the CCRC choice.
How can an advisor help a client through the decision whether to remain in the house and use the home to pay for long term care needs?
(Dr. Barbara Stucki, Ph.D. and David A. Littell, JD, ChFC®, CFP®)
We examine the issues that need to be addressed if a client decides to "age in place". We learn that there are a variety of resources that can help a client and planner make the best choice.
What are the different ways to access home equity to fund retirement needs?
(Dr. Barbara Stucki, Ph.D. and David A. Littell, JD, ChFC®, CFP®)
We compare conventional loans, reverse mortgages, single purpose loans, and downsizing. We find out the appropriate use for each strategy.
How does the Home Equity Conversion Mortgage (HECM) work, and what are its strengths and limitations?
(Dr. Barbara Stucki, Ph.D. and David A. Littell, JD, ChFC®, CFP®)
We examing tapping home equity for retiremnt needs. We learn when and why a reverse mortgage makes sense.
What are the requirements for eligibility for a HECM reverse mortgage and how much equity can generally be accessed?
(Dr. Barbara Stucki, Ph.D. and David A. Littell, JD, ChFC®, CFP®)
We study the specific rules that apply to HECM reverse mortgages. We gain insight as to whether these loans make sense for our clients.
When does a HECM loan have to be repaid and what are the fees involved?
(David A. Littell, JD, ChFC®, CFP®)
We look at when home equity loans are repaid, the tax consequences of the strategy, and the fees involved. We learn that there are benefits and limitations to a reverse mortgage as a retirement income strategy.
What are the common withdrawal options from a reverse mortgage?
(Dr. Barbara Stucki, Ph.D. and David A. Littell, JD, ChFC®, CFP®)
We examine the lump sum, line of credit, and tenure payout options, We learn if a reverse mortgage can affect Medicaid eligibility.
Why should a client consider a reverse mortgage outside the HECM program?
(Dr. Barbara Stucki, Ph.D. and David A. Littell, JD, ChFC®, CFP®)
We examine alternatives to the HECM program. We learn that clients needing to access equity in excess of HECM limits need to consider other alternatives.
What is a sale lease back and is it a viable option for a client?
(Kenn Beam Tacchino, JD, LLM and David A. Littell, JD, ChFC®, CFP® and Harry R. Moody, Ph.D.)
We discuss the sale-leaseback strategy. We learn whether this is a viable alternative to a reverse mortgage.
What are the important considerations for a retired client considering relocation?
(Kenn Beam Tacchino, JD, LLM and David A. Littell, JD, ChFC®, CFP® and Sandra Timmermann, Ed.D.)
We review the financial and tax implications of changing residencies during retirement. We learn that tax consequences can have a significant impact on a retirement budget.
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